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R Paul... Intro Bill to Manually audit gold in Fed Res   DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

R Paul... Intro Bill to Manually audit gold in Fed Res

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Post by santafe Fri Jun 24, 2011 3:45 pm

Ron Paul worries Fort Knox gold is gone

By Jennifer Liberto @CNNMoney June 24, 2011: 11:58 AM ET

Ron Paul wants the gold at Fort Knox audited.

Ron Paul introduced a bill that would require the Fed to manually audit every U.S.-owned gold bar.

(CNNMoney) -- With the price of gold at record highs, presidential
candidate Rep. Ron Paul wants to make sure the U.S. gold bars at Fort
Knox are really there.

Paul called a congressional hearing
Thursday to grill federal officials about his bill to audit and
inventory all of the gold reserves at Fort Knox, Ky., West Point, N.Y.,
and Denver, even though Treasury officials insist that the gold is
audited annually and is all there.

During the hearing, Paul
suggested that the Federal Reserve of New York, which has 5% of the
U.S. gold reserves, has the ability to secretly sell or swap gold with
other countries without anyone knowing.

"The Fed is
pretty secret, you know," said Paul, who leans Libertarian. "Congress
doesn't have much say on what's going on over there. They do a lot of

Paul, a Texas Republican who wants to convert the U.S.
monetary system to one based on the gold standard, says the federal
government owes it to taxpayers to make sure U.S.-owned gold is safe.
(Ron Paul: Bernanke's biggest critic)

"This is one of the few
legitimate functions of government: To check our ownership and be
fiscally responsible and find out just what we own and whether it's
really there," said Paul, who is among those running for the Republican
presidential nomination.

Audits by the Treasury Department and
Government Accountability Office are based on samples. Paul wants to
open up Fort Knox and other reserves and count the bars manually.

know where it is. We know how much there is. We know it's there. None
of it has been removed," said Treasury Inspector General Eric Thorson.
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